20 November 2007

"On Friday, CNN Money.com warned us that some Wall Street employees would be seeing tragic, drastic cuts in their annual bonuses—up to 50% at some mortgage-related firms.

Specifically, hard-working bankers at Bear Stearns, Citigroup, and Merrill Lynch were expected to be "hit hard" by all the ridiculously irresponsible lending and related business they've been practicing for the last couple years.

But today brought good news for those Heroes of Finance!

All that worrying was for nothing, as bonuses split among employees of Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns will in fact add up to about $38 billion, beating last year's record. And all that despite each firm (besides Goldman) losing all their market value!"